Roscoe contributes a personal use asset, adjusted basis $20,400 and fair market value $36,720, to a new business in which he is an owne Determine Roscoe's recognized gain on the transfer and the basis of the asset to the business if the new operation is If the answer is zero enter ' 0 '. a. Sole proprietorship. Does Roscoe recognize a gain or loss? Amount if gain or loss recognized: $ The sole proprietorship's basis for the asset is $ b. Partnership in which Roscoe holds a 20% interest. Does Roscoe recognize a gain or loss? Amount if gain or loss recognized: $ The partnership's basis for the asset is $ C. Corporation in which Roscoe holds a 75% interest and all shareholders contribute assets for stock in the transaction. Does Roscoe recognize a gain or loss? Amount if gain or loss recognized: $ The corporation's basis for the asset is $